What goes up must come down... maybe

Interest rates have dropped just over 1% from their highs. Currently 30 year conventional rates are just over 6% and FHA and Jumbo rates are below 6%.
This market is very rate sensitive. Homes under contract have risen 18% since the beginning of the year. Nationally mortgage applications are up 28%. (CNBC article https://cnb.cx/3XKekxP )
Half of FHA Buyers are seeing seller concessions in the $5,000-$10,000 range. However, if this market continues to improve those concessions may dry up in the future.